COCOBOD to save GH¢5m monthly from salary cuts to defray cocoa debt
The Ghana Cocoa Board (COCOBOD) stands to save an estimated GH₵5 million every month following salary reductions for its executive management and senior staff, the Board’s Head of Public Affairs, Jerome Kwaku Sam, has revealed.
The pay cuts, 20% for executive management and 10% for senior staff, took effect immediately and will remain in place for the remainder of the 2025/2026 crop year. The decision was outlined in a press release dated Monday, February 16, 2026, as part of measures to address liquidity challenges in the cocoa sector.
Mr. Sam emphasised that the move reflects the leadership’s commitment to prudent financial management under Chief Executive Officer Dr. Randy Abbey.
“But the most important thing is that, at least, the leadership under Dr Randy Abbey has taken a step. And the step is that we have reduced the salaries of executive management as well as senior staff by 20% and 10%, respectively.
“From where I sit, tentatively at least some 5 million cedis can be saved on a monthly basis. So, if you have about eight months to go, you are talking about no less than 40 million Ghana cedis, which can be used to defray some of the debt that sits on the books of COCOBOD,” he said in an interview on Eyewitness News on Tuesday, February 17.
The salary reductions are part of wider cost-containment measures designed to align expenditure with revenue. Management has also rolled out procurement reforms and a staff rationalisation exercise aimed at stabilising the Board’s finances and ensuring sustainable operations.